If your new property assessment increased, you are not alone
Mar. 28—ROCHESTER — Notices of assessed property values started landing in Olmsted County mailboxes last week, providing increases for many homeowners.
The majority of central and southeast Minnesota saw residential value increases of 20% or more, according to Olmsted County officials.
But homeowners aren't alone in Olmsted County.
"We have seen value increases for every property type this year, which is kind of a change," said Mark Krupski, director of Olmsted County's Property Records and Licensing department. "Before this year, it seemed like one segment was doing well and other things were remaining flat."
He said hotel and restaurant property values remain suppressed amid COVID impacts, but overall commercial values have increased by 15%, with industrial values also rising.
Recent sales of high-end apartment complexes, he said, have also increased estimated values for similar properties.
Estimated values assessed by the county are based on a variety of factors, including past sales of similar properties in the area. Under state regulations, the county is required to maintain assessments within 95% and 105% of actual market value.
While home and other property values are climbing for many owners in the current active sales market, Krupski said property value is only one factor when it comes to determining property taxes to be paid.
"Just because the values are increasing does not mean the tax would increase at that same rate," he said.
The amount of overall taxes collected by the city and county, as well as other entities, was determined last year. That amount is now being collected from property owners based on the new assessed values.
As a result, increases throughout the county help balance the potential taxes based on property type and other factors.
Krupski said people should still pay close attention to the value reported on the recent notice and how it has changed.
"If there is any reason they think it is incorrect, the first thing is to call our office," he said, noting something could need to be adjusted.
Property owners who question their assessments can take specific steps to start the appeal process:
Step 1: Contact the Olmsted County Assessor's Office with documentation to support your opinion. Recent appraisals, sale prices and change in property-related revenue can be used to challenge an assessment.
The assessor's office can be reached at 507-328-7670 or by visiting the city-county Government Center, 151 Fourth Street SE, between 8 a.m. and 5 p.m. on weekdays.
Step 2: Property owners who are not satisfied after their discussion at the Olmsted County Assessor's Office can attend the appropriate meeting of their Local Board of Appeal and Equalization or the open-book meeting listed on their valuation notice. The meetings are virtual and will be held between April 11 and April 20. Go to the
Olmsted County Website
and select "If the issue is not resolved" for more information on meeting dates, times, and how to access the virtual meetings.
Step 3: Attend the County Board of Appeal and Equalization meeting on June 21. Property owners must have attended a local board of appeals meeting, if offered in their jurisdiction, prior to attending the county meeting. People in jurisdictions with an open-book meeting can appeal directly to the county board of appeals.
Step 4: Property owners can petition the Minnesota Tax Court as a final option. Tax petitions must be filed before April 30 of the year the taxes are payable, which means appeals of 2022 assessed values can be filed in Minnesota Tax Court until April 30, 2023. More information is available on the
Minnesota Tax Court website
or by calling 651-539-3260.
